Magellan reports higher second quarter financials

Magellan Midstream Partners has reported higher second quarter financials for 2018 compared to the same period the previous year.

The company reports net income of $214.4 million for Q2 2018 compared to $210.4 million for Q2 2017.

Transportation and terminals revenue for its refined products segment increased $13.2 million between periods driven by record shipments from strong demand for refined products in large part due to higher distillate demand in crude oil production regions served by the company.

The current period has also benefited from higher storage and other ancillary service fees along Magellan's refined products pipeline system associated with increase customer activity.

In its crude oil segment, transportation and terminals revenue increase $29.5 million primarily due to contributions from the company's condensate splitter in Corpus Christi that began commercial operations in June 2017.

In its marine storage segment, transportation and terminals revenue declined $3.6 million primarily due to lower utilisation, resulting from the timing of maintenance work and the ongoing impact of tanks damaged by Hurricane Harvey that are still under repair.

'In additional to solid demand for our current services, we remain committed to developing attractive expansion projects to meet our customers' needs while generating attractive returns for our investors for years to come.'